Sanctum proposes burning 259M CLOUD tokens, renaming ticker to SANC

Sanctum, the Solana-based liquid staking protocol, has put forward a governance proposal to burn its entire Community Reserve of 259 million CLOUD tokens and rebrand the ticker from CLOUD to SANC. The burn would eliminate roughly 25% of the token’s 1 billion total supply, shrinking the maximum supply to approximately 741 million. The proposal, designated CLOUD-008, landed on September 2. The protocol has climbed to the top of Solana’s Total Value Locked rankings with around 18 million SOL locked (roughly $1.93 billion), and it reportedly turned profitable in 2025. Why burn the reserve now The timing traces back to the conclusion of Sanctum’s Active Staking Rewards program in August 2026. That final ASR distribution sent 15 million CLOUD tokens to stakers, effectively completing the program’s purpose. With the ASR chapter closed, the remaining Community Reserve had become something of an awkward surplus. Since genesis, only about 48 million tokens from the reserve were ever distributed. That includes roughly 45 million through ASR distributions and around 3 million for various incentive programs. Out of an original allocation of approximately 307 million tokens, the vast majority ju...